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Chevron Says Hurricane Dolly Evacuation Won’t Affect Company’s Gulf Oil Production
Chevron Corp. (CVX) – the No. 2 U.S. oil company and the most-recent topic of Money Morning’s new “Buy, Sell or Hold” feature – said that a hurricane-induced evacuation of its personnel from the Gulf of Mexico should not hamper production.
Chevron on Monday said it was evacuating employees from its Gulf operations in advance of the arrival of Tropical Storm Dolly, which was upgraded to a full-blown hurricane late yesterday (Tuesday). But the evacuation of the Chevron workers hadn’t hampered oil production at that time, and the company didn’t think that it would, said Chevron spokeswoman Qiana Wilson, who declined to quantify…
23Jul2008 | Money Morning | Comments Off | ContinuedOil Defies a Correction…
The returns are coming in from the distant precincts of the oil patch, and the winner is……… Oil!
The price for oil has barely budged based on the Saudi Summit. There has been no summer sell-off, and I’d be surprised to see a significant pull-back as the summer driving season kicks into gear. (Followed by hurricane season, and then the buildup for winter heating stocks, followed by winter.)
What’s going on? Well, what the Saudis give — in proposed, future increased production… the Nigerians take away — with ongoing oil patch carnage that forces the likes of Shell & Chevron to close vast pipeline systems.…
26Jun2008 | Energy and Oil | Comments Off | Continued
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